Imagine this: your team has found itself over budget after a challenging year of technology migrations and changing suppliers. You and your team need to find where the problems lie but no-one has enough spending analytics associated to your contract lifecycle management to fully understand the actual services being delivered within your technology and telecom supplier contracts in order to decipher the mess of documents and clearly articulate what your additional value and future cost reduction recommendation could be extracted from your suppliers.
You might have experienced this exact scenario yourself recently. It’s a common experience that has plenty of advice, from contract lifecycle management tips of how to find the most useful information through to hiring an outside cost optimisation consultant to do the work for you.
The thing is, manual approaches to this problem are prone to human-error, and even for the perfect human investigator, there’s a high chance that not every issue is found.
Technology and telecom contracts cover a huge number of different services, which can be configured in different ways, and for every different configuration carries different contractual terms and pricing considerations.
We explore the challenges to accurately deciphering technology contracts against their invoices, and how category management analytic solutions can handle all of the contractual landscape for that category and simplify the process for your procurement teams.